We Build Bots
Note: Whilst the campaign is labelled as EIS eligible the Company has £150,000 remaining of its SEIS limit. We will, therefore, be looking to seek SEIS relief on the first £150,000 invested into the campaign and EIS relief on the balance. Any tax relief is dependent on personal circumstances and may be subject to change in the future. Development Bank of Wales will not be claiming tax relief on their investment.
We built IntelAgent to fix customer services! It's an AI platform that can save hours of frustrating phone calls through automation, chatbots and voice assistants.
By analysing and applying AI to the conversations that pass through customer contact channels (email, social, chatbot, etc) our aim is to help businesses save time, make money and delight customers.
-Reduce calls to costly agents
-Reduce call abandonment rates
-Increase 1st contact resolution
-Reduce call length
-Provide 24:7:365 coverage
-Streamline call routing
-Provide chat synopsis
-Provide ‘next best action’ recommendations
-Identify propensity to purchase
-Profile, segment and group customers
-Integrate with CRMs and internal systems
-Use machine learning to train IntelAgent
Gartner predict that 85% of customer interactions with organisations will be automated by 2020, and Juniper research says companies will save $8bn annually by 2022 through chatbot and AI adoption. We say welcome to IntelAgent.
Our ambition is to build a global presence within the fast growing AI, chatbot and autonomous agent market (including voice assist).
We have so far delivered IntelAgent for clients including Amnesty International, The AA, Telegraph Media Group, Future Publishing Plc, Wales and West Utilities, Welsh Water and South West Water (the utilities sector is emerging a key sector for us and this investment will enable us to aggressively pursue more such clients, armed with the case studies we have already secured).
We believe we have the innovation, market conditions, know how, strategy, team, contacts, drive, and route to market to become a global player over the next 3 years.
Substantial accomplishments to date
June 2016 - First line of code!
Nov 2016 - IntelAgent delivered for Telegraph Travel national media group
Jan 2017 - IntelAgent delivered for Amnesty International, global charity
March 2017 - IntelAgent delivered for national Online Influence Conference
May 2017 - IntelAgent delivered for The Future of Marketing conference for global media group, Carnyx Media
May 2017 - Accepted on to Welsh Government Accelerated Growth Programme, subsidising PR, IP and legal costs for an initial period.
May 2017: accepted onto Innovate UK's Knowledge Transfer Programme, subsidising data science resources and granting ongoing access to Cardiff Uni data department for 2 years.
June 2017 - IntelAgent delivered for Future Publishing, International Publisher.
June 2017 - IntelAgent delivered for Sport Wales, national charity
June 2017 - IntelAgent delivered for Welsh Water, national utilities company Video here - https://www.youtube.com/watch?v=PEolPrfd2MM.
July 2017 - Finalists in Wales Start Up Awards. ...
July 2017 - reached the top 25 Oracle Cloud Accelerator StartUp competition.
August 2017 - IntelAgent delivered for The AA, national automotive association
August 2017 - Accepted on to Web Summit Beta Programme in Lisbon
August 2017 - Mobile Marketing Magazine cover 'world first' welsh language chatbot; http://mobilemarketingmagazine.com/welsh-water-....
November 2017 - Invited on to ‘Pitch’ the Mercedes Benz start up programme as ‘of of Europe’s top 200 start ups’
December 2017 - 2 year contract with South West Water signed
December 2017 - Trial of IntelAgent agreed with FCR Media, international Media company
January 2018 - Win Wales and West Utilities contract
Please note that some of the milestones above preceded our incorporation because We Build Bots was initially incubated as part of Coup Media. We Build Bots was incorporated on August 4 2017 at which point all IP and contracts relating to IntelAgent were transferred to We Build Bots.
Our monetisation strategy comprises bot build costs, IntelAgent software license, and support fees. Bot builds at the lowest level are charged at £15k+VAT, while integration with and ongoing access to IntelAgent is licensed. The lowest level license fee is expected to be £1,500 per month (paid in advance). This increases to £3,500+ based on the number of agents in a contact centre. It's a 3-year license with 12-month reviews.
The support fee is 20% of the annual license fee and provides ticket desk support and automatic roll outs of functional updates (such as if Facebook releases payments).
License/service costs are recurring, meaning the monetisation model builds a high recurring element.
The lowest level IntelAgent integration - and the level we have used to build our forecasts - would cost a 100 agent contact centre £79,800+VAT over 2 years for build, license and ongoing support.
Use of proceeds
We expect that our go to market phase & sales strategy deployment will create a maximum initial cash burn of c£100,000 p/m. From our early success in client attraction, we expect to partially finance this burn from repeat customers, and cash burn could be lower depending on the speed at which we hire key team members.
Here's a breakdown of how we'll use the proceeds in the first 6 months according to our forecasts. As well as ongoing operations, R&D to increase AI expertise and capabilities will be key to maintaining a strong market position.
MGMT & NED £41,475 (8.2%)
Staff £139,994 (27.9%)
IT, phone & Infrastructure £8,799 (1.7%)
Rent, rates, office costs £34,200 (6.8%)
Cost of Sales & Marketing £60,880 (12.1%)
Bank, Legal & Professional Services £20,230 (4.04%)
Recruitment & arrangement fees £30,000 (6%)
TOTAL - £335,578 (67.1%)
CONTINGENCY £164,422 (32.8%)
(AI R&D plus extended runway in light of slower than anticipated sales)
Our target market is the UK contact centre market, which comprises 6,200 contact centres employing 734,000 agents.
The sector is experiencing robust growth, and mobile customer service application penetration is predicted to grow to 60% by 2020. The market is typically segmented by geographical region, vertical sector (e.g.finance, utilities, telecoms), and contact centre size:
Large = over 250 agents;
Medium = 100-250 agents;
Small = 25-100 agents.
The average UK contact centre size is 122 agents.
The largest conurbations of contact centre exist in Wales, the South West of England, North England and Scotland. There are more than 600 contact centres within 80 miles of the We Build Bots HQ, representing 10% of the available UK market, and with easy access, it's this region that we plan to target in the first 6-12 months.
We will target all vertical sectors, with a sharp focus particularly on the utilities sector and aim to work with heads of customer experience, contact centres and customer service professionals.
Characteristics of target market
The sector is worth an estimated £2.2bn per annum, with growth expectations of circa 0.5% annually to 2019. The market is big - and growing - and it has an appetite for innovations that reduce costs and increase efficiencies (automated speech recognition, IVR, in-queue call-back, interaction analytics, interaction recording, mobile customer service apps, outbound dialling, web chat, workforce management systems).
Like many other industries, the UK contact centre sector has seen a shift towards online interactions, with mobile customer service app penetration predicted to grow to 60% by 2020.
During our proof of concept phase we have already deployed IntelAgent, and have been positively received across a number of sectors.
Gartner predict that 85% of our target market will have invested in chatbot and AI technol-ogies by 2020. Juniper Research finds chatbots and AI will redefine the customer service industry, and forecasts cost savings of over $8 billion per annum by 2022.
We expect that initial sales/adoptions will come through membership of the Wales & South West Contact Centre Forum. Membership affords us inclusion in newsletters, across the website, with access to email lists, & direct contact with a large number contact centres.
We expect that our PR agency will secure PR in tech and marketing press, as well as in sector specific trade journals for the Contact Centre industry.
There are a number of Contact Centre websites on which we aim to run display ads, ad-vertorial, editorial, directory listings, solus & lead gen emails, social media listings & spon-sorship. We have budgeted for this.
Content marketing across the major social channels will form part of our marketing plan. We consider that we have the expertise & resource to ensure IntelAgent has a strong & targeted digital presence which we expect will lead to securing demos & trials and ulti-mately lead to sales. We expect that other activities will include attending and exhibiting at trade shows, speaking slots at industry events, & securing awards entries into the contact centre and customer service awards ceremonies.
Competitors are predominantly US based and are leading the move to Bot customer contact with multi nationals such as LG, AIG and Sony embracing the new technology. We consider that some of the closest in terms of functionality include Digital Genius, AgentBot, Agent.ai, and Giosg. Notably Nanorep - one of our competitors - recently secured a $50m exit to US tech business LogMeIn.
Our competitive advantages we believe revolve around unique technical functionality, high level industry contacts, and geographical proximity to large numbers of contact centres.
Current call centre interaction is agent heavy and costly. The chatbot and AI opportunity mirrors the growth of Facebook Messenger which now has 2 bn monthly users. Chatbot adoption is on the rise, with more people now using messaging platforms than social media, and we believe that the timing is perfect for a product like IntelAgent to help contact centres capture this behavioural change, reducing servicing costs and increasing customer satisfaction. Facebook continues to regularly release new features, and ‘In bot’ payments (coming soon), are seen by many as a probable 'game changer'.
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